Are you ready for the market update of this month? The figures for May have been released for the Port Aransas region. Read till the end - there's plenty of valuable information to reveal, whether you're contemplating a purchase, sale, or simply seeking to stay informed.
The big picture, including all residential real estate (whether it be a condo, townhome, detached dwelling, etc.) shows that Port Aransas now has 9.9 months of months of inventory. Last year at the end of May, there were only 2.8 months of inventory so things in the market have definitely shifted from last year and inventory has increased from last month. The average price for a property Including both homes & condos in Port Aransas as of the end of May was $682,000 however that number includes a broad range of property types. The median detached home at the time of this recording is priced at $959,000 with ranges between $330,000 to $3,375,000. The median condo is priced at $399,900 with ranges between $75,000 to $1,895,000.
For sellers, the update for May reveals a slight decrease in the list to sales price ratio compared to the previous month, with a value of 96.9%. Interestingly, this closely aligns with the market conditions observed in June 2020, where the list to sales price ratio stood at 96.8%. What we really see changing is days on market. In Port Aransas in May, homes were on the market for 51 days, with 48 days to close once under contract, with a total of 99 days. This is 41 days longer than May 2022 which is not surprising since nationwide we are seeing sales slow down. What this means if you are currently selling or thinking about selling is that you may need to count on just over three months for your property to close.
Obviously interest rates play a significant impact on the real estate market and today’s rates are currently ranging from about 6.375% to 7.01% depending on the type of loan, type of property and your credit score and down payment. Fixed rate loans and 15 year loans will differ from adjustable rate mortgages and 30+ year loans. Overall, rates are not too different from this time last month. Although the current interest rates are higher compared to the previous year, they remain lower than those observed in previous years. And prices, while lower than 2022, are higher than in 2021. Homes are continuing to sell, so the market, while it has slowed, is not stagnant. In May there were a total of 35 homes & condos sold in Port Aransas.
In general, it's important to remember that statistics are only a representation of the overall picture. Every property, buyer, and seller has their own distinct circumstances that should be taken into consideration. As evident from the evolving market dynamics, it is understandable that homes are now spending a longer time on the market, accompanied by an increase in available inventory. In the face of these ongoing changes, it becomes crucial to have the support of a seasoned agent who can expertly navigate your future real estate endeavors.
Reach out to either Carl or myself today to gather further details, and together we can develop a strategic plan for your home. We sell in Port Aransas, Rockport/Fulton Beach, and North Padre Island and can give data for all of these locations. If this is something you’d like, please call, message me or send an email. Please check our other videos, like and hit the subscribe button. We publish property tours, fun things to do, and even videos on our favorite restaurants. I’ll be back next month with an updated report.
Exploring the Importance of Back-up Contracts in Real Estate Transactions by the Saltwater Shores Team Real Estate
